CHICAGO--(BUSINESS WIRE)--
Archer Daniels Midland Company (NYSE: ADM) announced today that it had
reached an agreement to acquire Florida Chemical Company (FCC), a
division of Flotek Industries (NYSE: FTK) specializing in citrus-based
flavors and fragrances, and one of the world’s largest providers of
citrus oils and ingredients.

“ADM is already a leader in natural flavors for food and beverages,
offering a wide variety of high-value products and solutions in areas
such as vanilla and mint, and this acquisition will place us in a
leadership position for citrus flavors as well,” said Vince Macciocchi,
president of ADM’s Nutrition business unit. “Citrus is one of the
fastest-growing flavor categories, and the single most important taste
profile for beverages, and no one in North America does citrus better
than Florida Chemical Company.”

Founded in 1942, FCC has provided customers with premium citrus
ingredients for more than three quarters of a century. Based in Winter
Haven, Florida, the company produces a wide range of high-value citrus
flavor ingredients, specialty terpenes and formulated products primarily
for the flavor, fragrance and consumer products markets. Their
innovative, high-quality on-trend products match consumer preferences
for natural, clean label and reduced sugar foods and beverages. FCC
products include:

Citrus flavor modifiers specifically targeted to improve the quality
and taste of food and beverages sweetened with natural or artificial
sweeteners.

“With the acquisition of WILD in 2014, ADM began the journey to become
the world’s leading nutrition company,” Macciocchi continued. “Starting
with the foundation of a leading global flavor company and our specialty
ingredients portfolio, we’ve vastly expanded our capabilities with
additions like the savory flavors of Eatem Foods, the plant proteins
from Harvest Innovations, probiotics from Biopolis and Protexin, and
Rodelle’s premium vanilla ingredients. The result is great for our
customers and our shareholders: No other company in the world can match
the expertise, innovation, products and solutions of ADM – and we’re
still growing.”

“ADM has long been an admired industry innovator whose global nutrition
portfolio capabilities are second-to-none. Florida Chemical’s citrus
expertise, together with our combined leadership in research and
development, will allow us to strategically accelerate and expand our
diverse offering to a wide and growing customer base. Additionally, I am
pleased that we will continue our strong relationship with Flotek
through both a long-term supply agreement and through the joint pursuit
of next-generation chemistry technologies for the energy and agriculture
industries,” said Josh Snively, President of Florida Chemical and
Flotek’s Executive Vice President of Operations.

The deal, which requires regulatory approval, is expected to close in
the first quarter of 2019. When the transaction is complete, FCC’s
approximately 75 employees will transfer to ADM.

Forward-Looking Statements

Some of the above statements constitute forward-looking statements.
ADM’s filings with the SEC provide detailed information on such
statements and risks, and should be consulted along with this release.
To the extent permitted under applicable law, ADM assumes no obligation
to update any forward-looking statements.

About Florida Chemical Company, LLC

Founded in 1942, Florida Chemical designs and delivers high-quality
products that meet the demands of a variety of consumer and industrial
applications, including food and beverage, fragrance, and household and
industrial cleaning products. Sourcing citrus oil domestically and
internationally, it is one of the largest processors in the world.

About ADM

For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve the vital
needs of a growing world. Today, we’re one of the world’s largest
agricultural processors and food ingredient providers, with
approximately 31,000 employees serving customers in more than 170
countries. With a global value chain that includes approximately 500
crop procurement locations, 270 food and feed ingredient manufacturing
facilities, 44 innovation centers and the world’s premier crop
transportation network, we connect the harvest to the home, making
products for food, animal feed, industrial and energy uses. Learn more
at www.adm.com.